Democratic Party Leader Promises to Approve Spot Bitcoin ETFs If Elected President

output: Democratic Party Leader Lee Jae-myung has said he would approve Bitcoin ETFs (exchange-traded funds) if elected president, as BlackRock’s IBIT ETF notches 16 straight days of net inflows.

Along with the promise to approve Bitcoin ETFs, Jae-myung also announced on May 6 that he would back other pro-crypto measures as part of a broader initiative to provide more investment opportunities for Korea’s youth ahead of the June 3 election.

“I will create a safe investment environment so that young people can [build] assets and plan for the future,” Lee said in Korean, according to The Korea Economic Daily.

Ruling Party Also Promises To Back Crypto

Lee also said that he would legalise spot crypto ETFs, lower transaction fees and put more consumer protection measures in place.

Lee is the favourite to win the upcoming election with 42% support, according to a survey by Korea’s National Barometer Survey.

South Korea’s ruling People Power Party has also promised to back crypto.

It remains to be seen if the new government will follow through on its promises to introduce Bitcoin ETFs and other crypto-friendly policies in the upcoming months.

BlackRock’s Bitcoin ETF Enjoying A Net Inflow Streak

As political parties in South Korea promise to approve Bitcoin ETFs, US investors are piling into BlackRock’s (NYSE:BLK) IBIT fund that was approved with multiple other US BTC ETFs in January last year.

According to HODL15Capital, the asset manager’s US spot BTC ETF has seen 16 days of inflows. This is as an additional 280 Bitcoin was added to the fund just yesterday.

ETF Store President Nate Geraci also observed the inflow streak, and noted that the fund was approaching $5 billion in new capital.

16 day inflow streak for iShares Bitcoin ETF…

Approaching $5bil in new $$.

I remember when naysayers didn’t think spot bitcoin ETFs would take in $5bil *total* last yr.

As in *all* spot bitcoin ETFs.

IBIT alone has done this in a few weeks more than a yr after launch.

— Nate Geraci (@NateGeraci) May 7, 2025

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